How famed investigative journalist Ida Tarbell took on Standard Oil

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

Read about the history of the Sherman Antitrust Act, the first law to ban monopolistic behavior

In its later years, Standard Oil formed a business trust that reflected the company's exponential growth. Politicians wanted to prevent such trusts and used the Sherman Antitrust Act to force Standard Oil to break up.

Modern antitrust law was created to combat the Standard Oil Trust

John D. Rockefeller's Standard Oil Trust enabled him to evade laws against a single corporation buying stock in another. His centralized board of directors held stock in many different oil companies under his control, allowing Rockefeller to eventually monopolize the oil refining industry. Efforts to regulate and prevent the Standard Oil Trust's monopoly became known as "antitrust" laws.

Standard Oil used vertical integration to create an empire

“Vertical integration” is a modern business phrase that refers to a company taking on multiple stages of production—but John D. Rockefeller pioneered it with his Standard Oil company, employing its own plumbers and handling its own oil transportation.

How John D. Rockefeller became the world's first billionaire

From a young age, John D. Rockefeller knew he was interested in business. He worked as a bookkeeper and sold candy prior to starting the business empire that would help cement the Rockefeller name in history: Standard Oil.

How Standard Oil created Chevron and ExxonMobil

Standard Oil was eventually ordered to separate into 34 different entities, and over the following years, those 34 companies merged into what is now called the “Big Four” in the oil industry.

Listen to a podcast that traces the history of DOJ antitrust enforcement

This podcast series traces how the US government's approach to regulating big business has changed over a century—from the DOJ's breakup of John D. Rockefeller's Standard Oil monopoly, through lawyer Robert Bork's influence on how courts interpret competition law, to the FTC's modern antitrust lawsuit against Amazon.

'The way to right wrongs is to turn the light of truth upon them'

- Ida B. Wells, co-founder of the NAACP (1862-1931)

How the Rockefellers' wealth evolved over time

The Rockefellers built one of the most powerful business empires in US history. By the early 1900s, their company, Standard Oil, controlled over 90% of the US oil market.

Large oil companies knew about the impact of carbon emissions since the ’70s

PBS Frontline’s The Power of Big Oil reveals how industry giants like Exxon and Shell were researching climate change in the 1970s but then funded denial campaigns—using internal science to sow public doubt for decades.

Listen to a reporter discuss his story spotlighting a decadeslong corporate cover-up about forever chemicals, substances, which can persist in the environment for hundreds of years—though not forever.

The history of the Rockefellers in 60 seconds

John D. Rockefeller—the world's first billionaire—once controlled 90% of the US oil refining market, built Standard Oil through vertical integration, and used his fortune to fund universities, museums, and landmarks like Rockefeller Center.

Known as the 'Pecora Hearings,' the widely covered trials following the stock market crash of 1929 generated massive public outrage that forced Congress to impose stricter regulations on Wall Street.

John D. Rockefeller’s father had a nefarious past

William A. Rockefeller Sr. earned his money via various schemes that included pretending to be a doctor to sell “herbal medicines” and posing as a deaf person to peddle for money.

Today’s Rockefellers have become climate activists

The Rockefeller Family Fund has been engaged in more than 40 lawsuits against ExxonMobil, a company that John D. Rockefeller’s Standard Oil created.

Explore a list of well-known monopolies

Many American monopolies popped up during the rapid industrial growth of the Gilded Age. Industries like steel, tobacco, railroads, and telecommunication have all been monopolized at some point in history.

How Big Oil misled the public into believing plastic would be recycled

An NPR and PBS Frontline investigation reveals how the oil and gas industry used the promise of recycling to sell more plastic, even when they knew it would never work on a large scale.

Oil's legacy: fueling industrial growth and shaping imperial strategies

This episode of The Rest Is History podcast traces oil's pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.

How Jim Chanos used a Wall Street Journal article to uncover Enron's fraud

After seeing an article in the Wall Street Journal about the unclear financials of energy companies, Chanos' firm Kynikos Associates began investigating the finances and accounting of Enron, an American energy corporation that was the seventh-largest company at the time. The firm ended up making $500M on its short positions against Enron.

Journalism's real drama made 'All the President's Men' irresistible for Robert Redford

Robert Redford was drawn to Watergate not by Nixon, but by the partnership of two contrasting journalists—Woodward and Bernstein. In the interview, he explains how he shaped the film's documentary style to spotlight the story rather than the scandal.

A deep dive into Enron, one of the largest accounting scandals in history

Investing comes with great opportunities for reward, but it also carries great risk. Investors learned that the hard way when Enron collapsed. Everyone lost money—from the largest institutions on Wall Street to mom-and-pop investors who bought S&P 500 index funds. This series from American Scandal starts with a close-up into an investment manager at Enron who started to unravel the accounting scandal happening behind the scenes. Listen here.

John D. Rockefeller—the world's first billionaire—was born to a well-known con artist father.

Joseph Pulitzer mainstreamed yellow journalism

One way Joseph Pulitzer revolutionized the newspaper industry was by developing an approach to reporting that relied on sensationalism and could be a little loose with the facts. Pulitzer and rival William Randolph Hearst pushed that sensationalism to the next level in their competition to attract readers.

Soybean oil fraud almost decimated American Express in 1963

A New York commodities trader who had defrauded the American government over uninspected meat for school lunches, Anthony "Tino" De Angelis, used American Express warehouses to sell soybean oil. However, Angelis had actually filled the tanks with water and placed just enough soybean oil on top of the tanks to pass inspection. American Express was liable for many of the tanks and its stock faced a huge downturn, opening the door for a then 33-year-old Warren Buffett to make his first purchase in the company.

Thomas Edison publicly executed animals with AC to convince the public of its dangers

J.P. Morgan first backed Thomas Edison's direct current system, seeing electricity's potential to usurp John D. Rockefeller's kerosene empire. Despite the investments and smear campaign against alternating current, alternating current ultimately won public support after lighting the 1893 World's Fair, after which Morgan would fund Tesla's wireless transmission tower.

Watch the infamous live feud between Bill Ackman and Carl Icahn from 2013 in the fallout of a billion-dollar accusation that Herbalife was a pyramid scheme.

Listen to a podcast episode that outlines 250 years of world trade history.

The ins and outs of oil refining

The oil industry is broken up into the upstream, midstream, and downstream segments, and oil refining is part of the latter. “Downstream” refers to companies like Standard Oil that are converting crude oil into a finished product.

Jean Stafford’s ‘A Mother in History’ followed the mother of JFK’s assassin

Marguerite Oswald, the mother of Lee Harvey Oswald, leaned into the public eye after her son’s crime. Stafford’s decision to interview her was the subject of controversy, but offered an interesting character study of a maligned woman openly inclined to make money off the attention she was receiving.

Read Time Magazine's profile of Estée Lauder—the only woman named to a list of the most influential business leaders of the 20th century

Time Magazine's 1998 profile of Estée Lauder credited much of Lauder's global success to her incredible work ethic and her dedication to creating the highest-quality products, even if those products weren't trendy.

The story of the first commercial US oil well and why crude oil is measured in barrels

The 1859 oil discovery in Titusville, Pennsylvania, sparked a boom in oil exploration and production to meet the demand for kerosene lamp fuel. Because the 42-gallon barrel was a readily available container already in use for shipping fish, butter, wine, and other goods, it was adopted by the Petroleum Producers Association in 1872 and by both the US Geological Survey and the US Bureau of Mines in 1882.

Learn about how General Motors dismantled America's streetcars

This documentary argues that GM systematically bought up and destroyed streetcar networks across the US in the 1930s, replacing them with buses and helping put the automobile at the center of American culture.

How a government chemist founded the FDA—by poisoning people

The Poison Squad tells the story of government chemist Dr. Harvey Wiley who, determined to banish these dangerous substances from dinner tables, took on the powerful food manufacturers and their allies.

Read about why America is obsessed with the stories of financial scammers.

Listen to how the 1902 'poison squad' experiments changed food safety in America

As part of government research, a group of young men were paid to eat standard American food—replete with food additives like borax and formaldehyde—which revealed the dangers of unregulated food. The work was led by the first FDA commissioner, Harvey Wiley, who helped end the "century of the great stomachache."

The Seven Sisters were a dominant midcentury Western oil consortium

Amid the fallout of World War II, Western multinational corporations expanded their control of the production of oil across the oil-rich Middle East, earning the pejorative nickname of the Seven Sisters. In the 1970s, the group’s role diminished as nationalist movements pursued sovereign control of the oil.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC's dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

Twain was a notoriously bad investor

After becoming a famous writer, Twain invested in railroad stocks, a magnetic telegraph, and a printing press that weighed four tons. Eventually, he founded his own publishing company, which ultimately led to his bankruptcy. “He is, in business,” one lawyer said, “just a big overgrown boy.”

Cartoonist Thomas Nast helped bring down Boss Tweed, one of America's most corrupt political bosses.

Fracking originated in the American Civil War

After witnessing how artillery created fissures in narrow water channels, a Civil War veteran wondered if the process could be replicated in underground wells to extract oil. He patented an "exploding torpedo" for this purpose, which became the foundation for future fracking techniques.

Read a primer on Elizabeth Holmes, the disgraced founder of biotech startup Theranos who was sentenced to prison for defrauding investors.

Watch a 2008 interview with Gloria Steinem, a leading voice in second-wave feminism.

Joseph Pulitzer created modern journalism

Long before there was cable news, there were newspapers, and Joseph Pulitzer was their king. A Hungarian immigrant, Pulitzer began his career as a reporter himself before buying a newspaper that he could shape with his editorial vision. Pulitzer's papers were bold, provocative, and visually striking, setting a new standard for newspapers nationwide as they moved into the 20th century.

One journalist argued New Journalism writers prioritized ego over public service

Michael J. Arlen wrote a critique of the then-fashionable and popular form for The Atlantic in 1972, warning about the risk of emphasizing a writer’s perspective over facts. While Arlen applauded the innovation of the style, he believed focusing on voice and perspective could be irresponsible.

After gaining her freedom, Truth successfully went to court to free her son

When her son Peter was illegally sold into slavery in Alabama, Truth took the matter to court—becoming one of the first Black women to successfully sue a white man and win, and securing her son's return.

A Wall Street Journal podcast examines allegations inside the WEF

In this episode of "The Journal," WSJ reporter Shalini Ramachandran investigates claims from current and former employees that the organization behind Davos fostered a toxic workplace, sparked by an anonymous whistleblower letter in 2025 and internal accounts.

The story of Marion Stokes, a woman who taped 30 years of TV

Marion Stokes was an activist archivist frustrated at the lack of a record or access to what was broadcast on TV. So in 1975, Stokes began taping the broadcasts, day and night, 24 hours a day, and continued to do so for 30 years, racking up over 70,000 tapes that span the Iran Contra crisis to the evolution of cable news. Read about her fascinating story here.

Georgia O'Keeffe and her sisters had an artistic rivalry

Despite their close relationship, a rift between the siblings emerged after Ida and Catherine, Georgia's younger sisters, began exhibiting their own paintings. Some also speculate that their dynamic was influenced by Georgia's husband, Alfred Stieglitz, who expressed romantic interest in Ida.

Read an early piece of journalism on country music

This 1904 Harper’s Weekly article from Emma Bell Miles offers an early example of country music criticism. Miles traces the music’s roots to the mountaineers who pioneered it. It’s a famous piece for music writers: Miles saw a phenomenon building in the hills long before any major record label.